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Montevideo, February 20th 2018 - 11:27 UTC
Some 400 reporters from 67 countries have scoured 13.4 million secret documents and uncovered tax-evasion techniques used by the super rich and high-ranking politicians, German media reported on Sunday. Read full article
Hmmm.. BOTs lead the world in tax haven status. If we close them down the role will migrate to The Gambia, etc. Best thing would be a 10% tax shared between these islands and the UK exchequer and tighter regulation.
One more sample of a system where the wealthy get wealthier by avoiding to pay their fair share while the poor are told there is not enough to increase their minimum wages or to pay for their retirement.
You mean like when La Asesina seized the private pension funds in 2008? You lying chantapufi!
Rique, Payaso! Vos sos el Mentiroso!
Best for who? Best would be for all countries to agree to tighter regulation. No doubt some would refuse, but it's not like investors want to park their money in a place like North Korea.
DT how was the first day at skool?
You will never get ALL countries to agree on anything whatsoever.
If we close down all our tax havens others will pop up probably with no chance of regulation by anyone. So...tax them and regulate them, best for everyone. Has to be a practical solution with a moral compromise IMO.
It was good, thanks. Kind of nice being back in an office after taking a break, it's a small team and everyone seemed friendly, and I should be able to pick up the work okay.
I agree if we just close our tax havens more will pop up, but we could work towards increasing regulation and transparency for all of them. AFAIK there are two aspects important in a tax haven, first, the obvious one: low taxes and secrecy. Secondly, reliability. You don't want to store your money in a country that may go bust, become embroiled in a civil war, or where the government might decide to expropriate it. The BOTs have the UK backing them and acting as a control if their governments go too far off the rails, and this gives them an edge. So you don't have to get every country to agree to follow the rules, only the ones that are reliable enough to be safe.
If we close down all our tax havens others will pop up.
I would understand the above point if The Voice were at least benefiting from them.
Unfortunately, I don't believe TV benefits from tax havens. He probably is part of those who, for some obscure reasons, admire the rich and the powerful and get a feeling of belonging when they vouch for these characters. Wake up, TV. You are also being robbed.
I am afraid you are going off the rails, dear.
Rique, you are correct, I do not benefit from tax havens. I do admire those who enrich themselves legitimately, from Warren Buffet to Bill Gates. But, I do not benefit from the activities of your lot, the scroungers, either.
If you believe the rich will continue hiding their money abroad regardless, then it makes no sense to close 'our' tax havens. We don't gain anything and those BOTs would become poor and probably demand subsidies from the UK taxpayers. Or else they would declare independence immediately and then they wouldn't have to follow any rules at all.
I realize this is not a simple matter to fix, and agree with you that steps could be taken towards more transparency and control of capital movements.
However, the extent to which money circulates uncontrolled is a tragedy not only because the tax evasion but because of the possibilities of laundering money from illegall operations such as weapon and drug trafficking.
The giant Panama and Paradise Papers leaks provide the world with awareness on the extent of the maneuver.
Indignation should be a first step towards creating political will--difficult since so many politicians use tax havens.
However, reacting by saying nothing can be done is of course self-defeating apathy or complicity.
the extent to which money circulates uncontrolled is a tragedy not only because the tax evasion but because of the possibilities of laundering money from illegall operations such as weapon and drug trafficking.
Very true. But you are also right that it is hard to do anything about it when not only do many politicians use them themselves, but the parties in power receive massive donations from individuals and companies who benefit from them. Most of these dodges are not even illegal.
There was an interesting story on the BBC today about the Isle of Man and how they have become rich from offshore finance. It also talks about a guy who is campaigning against it:
But quickly he felt troubled by what he saw all around him. His charity had been campaigning against developing country elites moving their money to offshore banks. When he’d get off the plane at Ronaldsway, the first thing he’d see would be adverts for “wealth solutions” and “payroll management”. It unsettled him that the Manx model was, in his opinion, denying other countries revenues that could be spent on hospitals and schools. “I don’t deny the great material benefit that that’s brought to the island, it’s just that it carries ethical problems with it,” he says.
Now the Queen and Charlie are implicated. Beware of so called 'Financial Advisors' ! Often a bunch of crooked tax cheats dedicated to robbing Britains public snd Health services.
The Paradise Papers underline, once again, the sheer rottenness, injustice, immorality and bankruptcy of our social order. One rule for those at the top, another for everyone else. Relentless austerity for hundreds of millions across the west, justified on the basis of “there is no money”, while a grotesquely rich elite hoard their wealth away in tax havens. We can’t tinker with this system, it has to be replaced. A democratic revolution is surely coming in the western world, and this shameless, decadent elite only have themselves to blame.
From the Guardian..I agree completely. Power to the people!
I couldn't agree more with that statement. Let' me pick one more sentence from Owen Jones, Guardian columnist:
In the coming days, you will hear this response from the defenders of our rotten status quo: 'What the Paradise Papers has exposed is legal, so what is the problem?'”
In the 1950s and 1960s, there was talk about deposed tyrants and other unsavory characters stashing their money in Swiss. It has now become so prevalent, most everybody with some more money than needed for survival is using fiscal havens.
In the meantime, we hear about the need to raise the retirement age and unbelievable resistance to raise minimum wages on the claim there is no enough.”
We need to speak and act again this immoral system instead of advancing reasons why it's soooo difficult to do anything about it.
It is not the private citizen that we should be bothered about, ( a drop in the ocean ) it is the Apples and Google and the large companies that is the problem.
The three richest people in the US – Bill Gates, Jeff Bezos and Warren Buffett – own as much wealth as the bottom half of the US population, or 160 million people.
I have no idea if any of those three use tax havens, but their wealth is clearly a lot more than a drop in the bucket. We should be worrying about both private individuals and large companies who don't follow the same rules as the rest of us. I pay my taxes, they should too.
As I said a drop in the ocean if you consider the entire population of the world but significant also.
Tax Justice Network estimates that between $21-32 trillion dollars of private wealth is held offshore. Assuming that the profits on this wealth is undeclared, and a very conservative return on capital of 3%, they estimate that governments are losing upwards of $189 billion a year via hidden offshore wealth. And developing countries who need the money the most are hit hardest by this.
Can we all agree that tax avoidance is bad and that both rich people and big companies should pay their fair share?
Your question should elicit one and only one unequivocal answer.
However, it's surprising the number of missing, hesitant, and qualifying comments in this thread about the incredible theft of resources that goes on through fiscal havens.
Particularly from those who are indignant critics of so-called CFK corruption, most of whom did not even show up here to comment.
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